President Trump- The Implications

[AquaMan]

I like it being simplified. And the larger standard deduction is a good idea. But I am real skeptical that lowering the corporate rates so drastically can be made up with higher tax compliance or increased revenues. They were already utilizing so many tax schemes to lower their rates that it will likely be a wash. Its sort of like saying, "Lower the price boss. We'll make it up on volume!"

As usual, the devil will be in the details. Without some nudging of tax cut incentives in the code, businesses are prone to just keeping their largesse and not re-investing, expanding or sharing with employees.

[swake]

And color me shocked if you oppose this.

I support getting rid of or raising the AMT
I do not support ending the estate tax

With the rest of it there are not enough details for me to have a decision one way or the other. I'm not hopeful. On it's face it looks like it's a big tax cut for the wealthy. They aren't ending the deduction for charitable giving or mortgage interest with the lower rates. Those deductions would only be for the very wealthy after doubling the standard deduction. I also don't see capital gains mentioned anywhere in the plan. The most important details are in where the tax brackets fall and what other deductions remain.

Same goes for corp. taxes. If we leave all the deductions in place that allow companies like Apple and GE to not pay taxes and then also lower the nominal rate this is a terrible idea.

Personally, I would like much lower rates with progressive graduated tax brackets and removing all deductions. And no distinction on where money is earned, all earning are taxed the same. Very simple.

Also ending corporate taxes entirely and replace them with a VAT on both goods and services and federal property taxes. The VAT would be charged on exports and imports. Services would include off shore workers working for US companies. No deductions at all.

[heironymouspasparagus]

It's still all about cutting taxes for the richest and saying that is gonna create enough "growth" -  9% per year in their current estimates - that the growth will pay for the cuts.

As has been known for decades, it is fantasy, voodoo economics.  It's "1%'er welfare".   And it will create even bigger deficits and higher debt than the Baby Bush fantasy tax cuts created.

[AquaMan]

The highest tax rates were enacted during the Eisenhower years. He made the argument that left to their own devices the more money corporate entities make, the less they spend on employees, expansion and research. They simply divide it among themselves and the stockholders. Because of that he felt that huge tax rates with deductions, write offs etc as incentives to redistribute (leverage) that wealth would be more productive for the country. He wasn't the first to figure that out either. What happened to those insightful, progressive Republicans?

[BKDotCom]

What happened to those insightful, progressive Republicans?

cash incentives

[heironymouspasparagus]

The highest tax rates were enacted during the Eisenhower years. He made the argument that left to their own devices the more money corporate entities make, the less they spend on employees, expansion and research. They simply divide it among themselves and the stockholders. Because of that he felt that huge tax rates with deductions, write offs etc as incentives to redistribute (leverage) that wealth would be more productive for the country. He wasn't the first to figure that out either. What happened to those insightful, progressive Republicans?

They got Reagan-ized !

And Bush-whacked !   Twice!!

The Hijacked Republican Party realized that if everyone benefited rather than just the few, then they could not benefit the most, nor gain massive amounts of power and control.  Warren Buffett and others, as well as Eisenhower tried to warn us, but the Fake Fox News Sound Bite machine was too overwhelming for reality.

One of the Big Lies the FFNS want you to believe is that any corporation ever pays those rates.  On average the median is closer to the 15% they tout as "good for the economy".  Well, we are already there!  And due to those deductions, exemptions, etc, many of the biggest corporations pay not taxes at all.  GE.  Trump.  etc.

But the Eisenhower types were actually concerned about the country and wanted all to do well.  Vastly different from the "I got mine..." world we live in today.  But none of these New Age HRP'ers have played the game Monopoly before.  They are sending us to the inevitable end point of every episode of that game!

[AquaMan]

I think Ike and Buffet realized that corporations are mules that follow the carrot put in front of them. Latter day republicans from the 80's when the Federalist Society formed, are like Mitt. Happy with the conception of a corporate entity as having the same rights as humans but oblivious that they have the same flaws. To put it another way, when I coached Little League baseball we were always more worried about the teams that didn't have the best bats, the best uniforms and the most supportive parents. Those kids on the suburban teams knew success as a team and often were lazy players. We worried about the teams that had talent, knew it and were pissed they weren't winning. They could steal your perfect season.

[Hoss]

Trump says he thought being President would be easier than his old life

Wow.

[heironymouspasparagus]

Just a little peek behind the sound bite on all the Trump and RWRE  bull s$it about NATO and what Germany should be doing...

The annual budget, 2017 was about $1.3 billion.  We pay about 24%.  Germany pays about 14%.  Britain 10%.  France about 8%.

So our contribution is somewhere close to $400 million-ish.  Or if we look at the costs Trump is wracking up flying to Florida to pump up and fund his resort, we are on pace to spend about $200 million for his vacations - this year.  Or about half of what it costs us to defend western Europe.

So, which is the best investment?   Well, I submit that I would much rather spend the $400 million a year to have Europe as a buffer for the next Russia/West conflict.  (Sorry, Europe - yes, you are important, but my family and friends will always take precedence!)

Another quick context - while $400 million sounds like a lot...and it is to me!  Remember that Baby Bush/Dick Cheney gave Halliburton over $90 BILLION in no-bid contracts as justification for their ex-CEO Dick Cheney to get some huge bonuses!!  No conflict of interest there at all...

Come to think of it, that makes Trump seem like an amateur hack !   Well, he is, actually...

[Hoss]

Too funny not to post.

[Hoss]

Trumplethinskin.  What a buffoon.

http://money.cnn.com/2017/05/01/media/john-dickerson-donald-trump/index.html

[heironymouspasparagus]

This should be mandatory at kindergarten!  And right now for everyone else!

Maybe we wouldn't have to be discussing "President Trump - The Implications".



https://www.facebook.com/JayShettyIW/videos/1741287762852348/

[heironymouspasparagus]

The US Constitution is archaic and gets in the way....

"It's a very rough system," Trump said. "It's an archaic system ... It's really a bad thing for the country."

Dam the bad luck - he can't just do whatever he wants whenever he wants to!  Well, except when his lackies in Congress let him do it.


https://www.yahoo.com/news/m/cf7e9730-308f-33e4-a3e9-1a066c4b010d/ss_reince-priebus-admits-trump.html

[AquaMan]

His understanding of the world is missing so many paragraphs. I was surprised one day to read how accounting for the Egyptian Pharoah's trade was remarkably similar to present day accounting methods. Debits, credits, balance sheets, even to details like bills of lading. Of course I was about 20 years old. trump may call things archaic that he doesn't understand. Or he may simply not realize that the issues and solutions for mankind haven't changed much since we learned to count and write. Our forefathers weren't operating with a clean slate. They understood these issues and successfully designed systems to balance out our human strengths and frailties.

I bet he couldn't pass the same citizenship test our naturalized citizens take.

[Red Arrow]

I bet he couldn't pass the same citizenship test our naturalized citizens take.

I think that applies to a lot of citizens born in the USA.